MINNETONKA, Minn., March 28, 2019 /PRNewswire/ — Table Trac, Inc. (OTCQB: TBTC), a developer and provider of casino information and management systems that automate and monitor the operations of casinos announced financial results for the year ended December 31, 2018.
The 10-K can be found @ http://www.sec.gov
Year End Highlights
- The Company signed nine new customer contracts in 2018. At the end of 2018, the Company had casino management systems, table games management systems and ancillary products installed with on-going support and maintenance contracts with 93 casino operators in over 140 casinos worldwide.
- During 2018, the Company delivered product with a value of approximately $5,200,000 for new contracts at the respective contract dates. Approximately $350,000 of the revenue for these system sales was deferred, and will be recognized in future periods, since a substantial amount is not due within 12 months. As a result, those contracts, along with the related maintenance, is expected to add approximately $434,000 annually to the existing recurring revenue
- The Company’s CFO application for licensure was unanimously approved by the Nevada Gaming Commission during 2018.
Year-to-Date Financial Results
Revenues increased from $6,380,367 in 2017 to $7,818,697 in 2018. The 23% increase of $1.4M was due to larger system installations in 2018 compared to 2017 and an increase in maintenance revenue compared to 2017.
Revenues from systems sales increased from $3,926,420 in 2017 to $4,953,871 in 2017, a 26.2% increase of $1,027,451 compared to 2017.
Ongoing maintenance revenue increased from $2,269,840 in 2017 to $2,635,122 in 2018, a 16.1% increase of $365,282, due to high customer retention along with new accounts added during 2018.
Total operating expenses increased from $4,107,117 in 2017 to $4,611,097 in 2017 a 12% increase of approximately $500k. This increase was primarily a result of the Company’s increased sales and marketing efforts
The net income for 2018 was $514,965 compared to net income of $583,051 for 2017.
About Table Trac, Inc.
Founded in 1995, Table Trac, Inc. designs, develops and sells casino information and management systems. The company has systems installed in North, South, and Central America, as well as the Caribbean. More information is available at http://www.tabletrac.com/.
Forward Looking Statements
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company’s filings with the Securities and Exchange Commission.
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Table Trac, Inc.
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